The euro currency was seen posting strong gains on the day. The gains were partly driven by a weaker USD. Eurozone’s final manufacturing PMI was confirmed at 47.7, matching the flash estimates. With the exception of France and Spain, manufacturing activity from other regions in the Eurozone fell below the 50-level marking contraction in the sector.
Can the EURUSD Continue to Rise Higher?
The common currency tested the 1.1250 handle on Monday before pulling back modestly. The gains also saw EURUSD breaking past the falling trend line. A follow through from here, above 1.1250 is required in order to confirm further upside in price. To the upside, the next main target is seen at 1.1400 while any pullback could see the EURUSD testing the short-term support at 1.1200.
